Copper Prices Hit Historic High on AI and Renewable Energy Demand

Copper spot prices have risen to around $6.65‑$6.67 per pound, approaching record levels. The surge is driven by strong demand for AI data‑center infrastructure, renewable‑energy projects and electric‑vehicle production, which together have increased industrial consumption of the metal.

Supply constraints are adding pressure: disruptions in sulfur deliveries through the Strait of Hormuz have tightened copper output, while Chinese inventories have fallen sharply, with stockpiles dropping from over 430,000 tonnes in March to below 70,000 tonnes by July. Expectations of possible U.S. import tariffs and improving U.S.–Iran relations have further shaped market sentiment. Year‑to‑date, copper has gained more than 18%, and futures are trading near $6.50 per pound.